Brian O'Shea (Waterford, Labour)
Link to this: Individually | In context

Question 85: To ask the Minister for Finance his views on the recent court action initiated by a bank (details supplied) to recover some €60 million owed to it; his views on whether further such legal actions are unlikely to be initiated by credit institutions in advance of the establishment of the National Asset Management Agency and that credit institutions should await the establishment of NAMA before initiating such legal actions; and if he will make a statement on the matter. [27968/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

The Deputy will be aware that substantial progress has been made in the practical preparations for the establishment of NAMA in tandem with the drafting of legislation to establish the Agency on a statutory basis, and that it is my intention to publish the NAMA Bill before the end of July.

Pending the establishment of NAMA, institutions will be expected to manage loan assets in accordance with normal commercial practice. This includes the management of non-performing or impaired loans. The specific action referred to by the Deputy is a commercial matter for the institution concerned.